Taxes, Real Property - As introduced, limits the setting of the tax rate on property by a county, municipality, metropolitan government, or other taxing entity in any fiscal year at a rate that would render in total receipts from all levies an amount more than the receipts from that source from the immediately preceding fiscal year for the county, municipality, metropolitan government, or other taxing jurisdiction, plus an additional 2 percent, subject to certain exceptions; establishes a pro...

Summary

The bill caps the annual ad valorem tax rate that counties, cities, and other local taxing entities can set at a growth of no more than 2% over the prior year's total receipts, with certain exclusions. Any increase above that limit requires a public referendum that must receive at least 60% approval and can last no more than four years. It is intended to curb rapid property‑tax growth while giving voters direct control over larger hikes.

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